SANDWICH — The town received only one bid by last month's deadline from a developer seeking to purchase 56 acres known as the Golden Triangle, Town Manager George "Bud" Dunham said.

Thomas Tsakalos, a developer who already has a development under review by the Cape Cod Commission known as South Sandwich Village that includes the property, seeks to buy the land from the town for $3.5 million — $2.5 million less than the property sold for in 2006 before that deal collapsed.

Tsakalos hopes to add the land to 20 acres of undeveloped property nearby, as well as three other plazas that are also owned by his company in the area of Cotuit Road, Route 130 and Quaker Meetinghouse Road. If he's successful in purchasing the property, Tsakalos has proposed a mixed-use development of retail, housing and office space similar to Mashpee Commons.

Town leaders will begin reviewing the proposal by Tsakalos while they await financial documents that are due March 1, Dunham said. Shortly after that, Dunham expects to make a recommendation to the selectmen on whether to proceed with the sale.

Asked why he thought the land didn't fetch as much as it did in 2006, Dunham said circumstances have changed. "The real estate economy isn't as good as it was back then," he said.